Daily Forecast for Crosses: July 08

By IBT Staff Reporter On 07/07/11 AT 11:51 PM

EURJPY Forecast

The EURJPY failed to continue its bearish momentum yesterday and now back to the upside, struggling around the trend line resistance as you can see on my h4 chart below. The bias is neutral in both nearest and medium term, still trapped in range area of 117.88 – 113.40. My wait and see mode is now activated. Immediate support is seen at 116.30 followed by 115.50. Immediate resistance is seen at 117.00 followed by 117.88. Aggressive intraday traders may activate their bullish intraday mode or short around 117.88 with a tight stop loss as a clear break above 117.88 could lead us to a new bullish phase.

GBPJPY Forecast

The GBPJPY was volatile but indecisive yesterday after found a good intraday support around 129.00 region. The bias is neutral in nearest term. The falling wedge bullish scenario remains intact but still need a clear break at least back above 130.20 to continue the bullish scenario testing 130.83 even 132.30. On the downside immediate support remains around 129.00 and the trend line support (white). A clear break below the trend line support could trigger further bearish momentum testing 128.20 which could be a threat to the falling wedge bullish scenario. I prefer to stand aside for now.

AUDUSD Forecast

The AUDUSD had a significant bullish momentum yesterday and now struggling around 1.0770 key resistance area. My H&S scenario has failed and this fact could create a bullish outlook. However, be patient and don’t rush because from another technical perspective as you can see on my h4 chart below price is moving in a sideways mode (see the blue box). A clear break above 1.0770/90 could lead us to a new bullish phase testing 1.0877 even all time high 1.1010. Immediate support is seen at 1.0700 – 1.0680. A failure to make a clear break above 1.0770 and a break below 1.0680 could lead us to another bearish intraday view.